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Canada's largest bank by market value, offering retail/commercial banking, wealth management and capital markets across Canada, the US and globally.
Canada's largest bank by market value, offering retail/commercial banking, wealth management and capital markets across Canada, the US and globally.
Earns mostly from the interest spread on loans and deposits, with large fee income from wealth management, capital markets and insurance, and Canada the core market. It is one of the country's Big Six banks. It bought City National of Los Angeles in 2015 and HSBC's Canadian bank in 2024.
In one line: Canada's JPMorgan Chase.
Moat: narrow (scale, distribution, brand). Largest Canadian bank by scale, with a broad retail, wealth and capital-markets franchise.
Headquarters: Toronto, Canada · Founded: 1864 · Employees: 96,628
Size Royal Bank of Canada (RY.TO) is a Canada Financials company (Major Banks) with a market value of $281B, the largest of 420 Canada companies the cockpit tracks. Shares closed at C$284.16 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against +13.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +1.4%); the operating margin is 38.3% (peer median 47.3%).
Valuation It trades at 2.94× book value against a peer median of 1.33× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 18.4%; Royal Bank of Canada delivers 16.2%, so the price asks more than the business earns today.
Credit Royal Bank of Canada has 51 bonds outstanding ($54.4B), rated A by the agencies and trading like A+ at a weighted spread of 65 bp.
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$141B | C$136B | C$133B | C$112B | C$65.9B |
| Revenue growth | — | +2% | +19% | +70% | — |
| Net income | C$22.7B | C$20.4B | C$16.2B | C$14.6B | C$15.8B |
| Free cash flow | C$33.1B | C$19.4B | -C$50.0B | C$140B | C$79.6B |
| Capital expenditure | C$2.35B | C$2.24B | C$2.28B | C$2.73B | C$2.50B |
| Total debt | C$418B | C$350B | C$371B | C$401B | C$343B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Royal Bank of Canada RY.TO | $281B | +15% | +5% | 16% | 2.94× | 18.4% |
| Toronto-Dominion Bank TD.TO | $208B | +18% | -11% | 13% | 2.48× | 15.3% |
| Bank of Montreal BMO.TO | $120B | +16% | -2% | 11% | 2.14× | 16.4% |
| Bank of Nova Scotia BNS.TO | $114B | +21% | -3% | 12% | 1.99× | 16.3% |
| JPMorgan Chase JPM | $889B | +11% | +9% | 18% | 2.53× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RY.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | +2.1% | 8th highest of 21 |
| 6-month return | +14.8% | +13.5% | 9th highest of 21 |
| Return on equity | 16.2% | 12.7% | 4th highest of 21 |
| Price / book | 2.94× | 1.33× | 2nd most expensive of 21 |
| Trailing P/E | 17.9× | 11.2× | 3rd most expensive of 20 |
| ROE the price implies | 18.4% | 11.1% | 5th most demanding of 21 |
| ROE delivered | 16.2% | 13.0% | 4th highest of 17 |
| Bond spread | 65 bp | 92 bp | 4th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Royal Bank of Canada RY.TO | Canada | $281B | +15% | +5% | 16% | 2.94× | 18.4% | 16.2% |
| HSBC HSBA.L | United Kingdom | $301B | -1% | -4% | 14% | 1.51× | 17.5% | 13.6% |
| Bank of China 601988.SS | China | $301B | +19% | -3% | 9% | 0.79× | 2.8% | n/a |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| Bank of America BAC | United States | $341B | -3% | -1% | 11% | 1.26× | 12.9% | 10.7% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| China Construction Bank 601939.SS | China | $358B | +20% | -5% | 10% | 0.87× | 3.0% | 9.8% |
| CCB 0939.HK | Hong Kong | $361B | +22% | +6% | 10% | 0.64× | 5.1% | 9.9% |
| Agricultural Bank of China 601288.SS | China | $375B | +5% | -4% | 11% | 0.88× | 3.0% | n/a |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Industrial and Commercial Bank of China 601398.SS | China | $428B | +13% | -4% | 10% | 0.75× | 2.7% | n/a |
| ICBC 1398.HK | Hong Kong | $433B | +14% | -5% | 9% | 0.60× | 4.9% | n/a |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
Royal Bank of Canada has 51 bonds outstanding with $54.4B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 4.40%, a spread of 65 bp over government bonds.